Japan Gold Corp announced that 23 of its 56 prospecting rights license applications over the Ikutahara Project in Northern Hokkaido, Japan, have now been granted as Prospecting Rights by the Japanese Ministry of Energy, Trade and Industry ("METI"). 19,114 hectare Ikutahara Project comprises a total of 56 prospecting rights license applications covering 16 historic gold mines and workings.
Twenty three applications, covering 8,033 ha, including the high priority Akebono target, have now been granted to the Company as Prospecting Rights. Granting of Prospecting Rights authorizes the Company to commence more advanced exploration methods, including drilling.
Detailed mapping and geochemical sampling completed at the Ikutahara Project in 2016 identified high priority targets for further testing. Detailed drill plans will now be lodged to prepare drilling permits on high-priority targets. The Company's first drill program will commence at the Akebono target immediately upon receipt of the permits.
John Proust, Chairman and CEO of Japan Gold, commented, "The granting of Prospecting Rights at the Company's most advanced project is a key milestone for Japan Gold and its shareholders. We are very pleased to be granted our second set of Prospecting Rights in Japan and look forward to receiving our drilling permits to further test high-priority targets at Ikutahara."
The remaining 33 applications at the Ikutahara Project have been accepted by METI, authorizing the Company to continue an active surface exploration program while the applications are further processed. It is expected that another block of applications covering the Ryuo, Kitano-o, Ikutahara, Showa and Chitose mines will be granted as Prospecting Rights later this year.
Akebono is one of the sixteen historic mines and workings reported within the Ikutahara Project area that were mostly mined between the early 1920s to the government imposed closure of gold mines in 1943.
Japan Gold Corp. is a Canadian mineral exploration company focused solely on gold and copper-gold exploration in Japan. The Company's portfolio consists of 53,218 hectares over eleven separate projects on the three main islands of Japan, Hokkaido, Honshu and Kyushu.
Seven projects cover areas with known gold occurrences and a history of mining, and are prospective for high-grade epithermal gold mineralization.
Four of the projects, in southern Hokkaido and northern Honshu, are located over gold-bearing lithocaps, which may indicate the presence of porphyry mineralization, a deposit style yet to be identified in Japan.
The Company has lodged a total of 160 prospecting right license applications over the project portfolio. Thirty-two applications have been granted as Prospecting Rights and the remaining 128 have been accepted for further review.
